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China Southern Airlines swings to profit in Q2

China Southern Airlines Co. Ltd. said its normalized net income for the second quarter was 11 fen per share, compared with a loss of 7 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.11 billion yuan, compared with a loss of 703.8 million yuan in the prior-year period.

The normalized profit margin increased to 5.0% from negative 2.9% in the year-earlier period.

Total revenue rose 5.6% on an annual basis to 25.61 billion yuan from 24.26 billion yuan, and total operating expenses fell year over year to 24.22 billion yuan from 25.35 billion yuan.

Reported net income came to 1.58 billion yuan, or 16 fen per share, compared with a loss of 712.0 million yuan, or a loss of 8 fen per share, in the year-earlier period.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.